How to Transfer Money from QuickBooks to Bank Account

Transferring funds from your QuickBooks Checking account to an external bank account is a straightforward process. This guide provides detailed steps to ensure accurate and efficient transfers.

Understanding QuickBooks Checking

QuickBooks Checking, formerly known as QuickBooks Cash, is a business banking service integrated within QuickBooks Online. It offers a fee-free checking account with no minimum balance requirements, allowing businesses to manage finances seamlessly. Customer payments are deposited directly into this account, and funds can be transferred to external bank accounts as needed.

Getting Started: Setting Up Your QuickBooks Checking Account

Before you can transfer money, you must have a QuickBooks Checking account. Here’s how to get started:

Sign Up for QuickBooks Payments:

If you haven’t already, sign up for QuickBooks Payments. Once approved, you’ll automatically receive access to a QuickBooks Checking account. A physical QuickBooks debit card will be mailed to you (usually arriving within 7–10 business days).

Key Benefits:

• No monthly fees or minimum balance requirements

• No fees for instant deposits (regular fees still apply for other transactions)

• Tools for cash flow forecasting and financial management

How to Connect Your Bank Account to QuickBooks Checking

Linking your external bank account is an essential step in the process of transferring money. Follow these steps:

Access QuickBooks Checking:

1. Log in to QuickBooks and navigate to Lending & Banking, then select QuickBooks Checking.

Start the Connection Process:

1. Click on Transfer and then choose Transfer money.

2. Look for the option to Add a bank and select it.

Enter Your Bank Information:

1. Type in your bank name and choose your account type.

2. Enter your account number and routing number.

3. Click Next when ready.

Verification Step:

QuickBooks will send two small deposits to your bank account within three business days. Once you see these deposits:

1. Go back to Lending & Banking > QuickBooks Checking.

2. Select Verify bank.

3. Enter the two deposited amounts (order does not matter) and click Confirm.

Note: Some banks allow you to connect immediately by simply choosing Add without verification.

How to Transfer Money from QuickBooks to Bank Account (Transferring Out)

If you need to move funds from your QuickBooks Checking account back to your linked bank account, follow these steps:

Access the Transfer Feature:

1. In QuickBooks, go to Lending & Banking > QuickBooks Checking.

2. Click on Transfer, then choose Transfer money.

Fill in the Transfer Details:

1. Amount: Enter the amount you wish to transfer.

2. From: Select your QuickBooks Checking account.

3. To: Choose your connected bank account.

Complete the Transfer:

1. Click Next.

2. Review the details and then click Finish transfer.

This process is designed to be straightforward, ensuring that you know exactly how to transfer money from QuickBooks to bank account without confusion.

How to Transfer Money from Bank Account to QuickBooks (Transferring In)

Moving funds into your QuickBooks Checking account from your bank is very similar:

Begin the Transfer:

1. Navigate to Lending & Banking > QuickBooks Checking.

2. Click Transfer, then choose Transfer money.

Enter the Transfer Information:

1. Amount: Specify the amount you want to move.

2. From: Choose your connected bank account.

3. To: Select your QuickBooks Checking account.

Finalize the Transfer:

1. Click Next.

2. Review the transfer details and click Finish transfer.

Following these steps ensures you know precisely how to transfer money from QuickBooks to bank account in either direction.

Additional Tools and Tips for Managing Transfers

To help you get the most out of your QuickBooks Checking account, consider these extra tools and troubleshooting tips:

Reviewing Recent Activity:

1. Go to Lending & Banking > QuickBooks Checking.

2. In the Recent activity section, click View all.

3. Use filters like All, Money in, or Money out to see the transactions you need.

Viewing Monthly Statements:

1. Navigate to Lending & Banking > QuickBooks Checking.

2. Click View account then Manage.

3. Select Monthly Statements to view or download your statements.

Paying Bills:

1. You can also pay bills using your QuickBooks Checking account:

2. Go to Lending & Banking > QuickBooks Checking.

3. Select Pay bill and follow the prompts to schedule payments via paper check or ACH.

Handling Debit Card Issues:

1. For assistance with your QuickBooks debit card (e.g., replacing it or resetting your PIN):

2. Go to Lending & Banking > QuickBooks Checking > View account.

3. Click Manage and then choose either Replace card or Reset Pin.

4. For disputes, call the number on the back of your debit card.

Troubleshooting Verification:

If you don’t see the two verification deposits in your bank account after three business days:

1. Double-check that you entered the correct bank details.

2. Contact your bank to confirm the deposit.

3. If necessary, reach out to QuickBooks support for assistance.

Final Thoughts

This guide explains how to transfer money from QuickBooks to bank account and covers all the steps—from account setup and connecting your bank to completing transfers in either direction. Here are a few key reminders:

Eligibility and Fees:

Your QuickBooks Payments account must meet certain eligibility requirements and pass the application process. While there are no fees for instant deposits with QuickBooks Checking, standard fees for other transactions may apply. Check the QuickBooks website for the latest fee information.

Keep Your Information Current:

QuickBooks regularly updates its platform and features. It’s a good idea to review the QuickBooks support pages periodically to ensure you have the most current information.

FAQs

How do I transfer a payment from QuickBooks to my bank account?

To transfer funds from your QuickBooks cash account to a linked bank account, navigate to your dashboard's "Cash Flow" section. Select "Transfer Money" and then "Transfer Out." Choose the QuickBooks cash account as the source and the desired bank account as the destination. Enter the transfer amount and confirm the transaction to complete the process.

How do I transfer money from QuickBooks Cash to my bank account?

To transfer money from QuickBooks cash to a bank account, go to "Cash Flow," select "Transfer Money," choose source and destination accounts, enter the amount, and confirm. For efficient transfers, consider using tools like SaasAnt Transactions.

How long does it take for money to transfer from QuickBooks to a bank account?

Transfer times vary. ACH transfers usually take 2-3 business days, while instant transfers can be processed within 30 minutes. Bank processing times and system issues can affect the overall time. Generally, expect the transfer to be completed within 2-5 business days.